US diesel prices reach new high

Diesel prices in America have risen to a new record high, with the average price reaching $5.90 per gallon. This marks an increase of nearly 30 cents in just one week, driven by supply disruptions caused by damage to refineries during the war with Iran. As a result, fuel costs have surged, impacting the budgets of American households. Pressure on the U.S. energy markets has increased amid ongoing concerns about oil supplies and military movements in the Strait of Hormuz, especially given the limited ability of the Trump administration to rapidly boost supplies—facing declining inventories and limited production from Venezuela. Due to this rise, Americans have spent approximately $97 billion more since the start of the war, equivalent to over $740 per household. This adds to the cost of living and keeps consumers watching closely as fuel prices continue to climb.

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